Monzo, the UK-based digital bank, has selected SAP, the enterprise application provider, to help simplify finance IT estate, enabling it to fully embrace the benefits of the cloud, increasing innovation and meeting customer and market demands.
Monzo has selected ‘GROW with SAP Scaleups’, a complete offering of solutions and adoption acceleration services, aimed to help firms successfully adopt cloud ERP.
The digital bank will also leverage SAP’s Business Technology Platform (BTP) due to its depth of functionality and out-of-the-box localisations.
Wesley Doyle, head of new business growth markets, UK&I, said: “Since it started in 2015, Monzo has been on a meteoric rise. Sustained growth requires the right blend of forward-thinking management, cloud-based technology and strategic financial planning. Monzo has all these elements in place and with the speed, flexibility and agility of the cloud, it will be able to accelerate its growth, react quickly to external trends and continue to innovate.”
SAP S/4HANA Cloud will be adopted across the entire business. Now with a scalable SAP service in place, deployed via a secure and highly resilient cloud-based infrastructure platform, Monzo will be able to reduce the amount of manual work its finance department does, pulling and reconciling data from different areas of the business to improve insights and reporting. This will help Monzo maintain industry best practices, keep up with market demands and offset macroeconomic turbulence.
Ensuring compliance while streamlining processes
NTT DATA Business Solutions will support the transformation programme, offering Monzo the flexibility and backend support required, helping it adhere to current legal mandates and regulatory trends in the UK, and other countries in the future.
Ben Foster, sales director of NTT DATA Business Solutions UK&I, also commented: “NTT DATA Business Solutions understands the advantages and value of deploying SAP technology in the cloud. Monzo now has access to a readily deployable cloud ERP system that incorporates the latest industry best practices and ensures continuous innovation.”
GROW with SAP combines a comprehensive suite of integrated modules covering critical functions like finance, sales, marketing, procurement, as well as HR into a single platform. This enables Monzo to streamline operations and maintain full control of its finance and sourcing processes as it grows.
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